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* As longas your communityparticipatesin theNational Flood
InsuranceProgram,exceptfor areas protected bytheCoastalBarrier
Resources Act, you can purchaseaflood insurancepolicy. Whether you
livein an arealikelyto flood or in onethatis at lowrisk, you can
purchaseflood insurance.
* Therearetimes when you mayberequiredto purchaseflood
insurance. If you buyahousein adesignated high-risk area,
andreceiveamortgageloan fromaFederallyregulated lender, your lender
must, bylaw,requirethat you buyflood insurance.
* Coverageis availablefor residential andcommercial buildings
and contents, and canalso bepurchased byrenters:
Up to $250,000 for single-family, two-to-four family, and other
residential buildings
Up to $500,000 for non-residentialbuildings, includingsmall
businesses
Up to $100,000 for contents coveragefor residences for owners
and/or renters
Up to $500,000 for contents forbusinesses, includingsmall
businesses
ingsYouShouldKnowAboutFloodInsurance
ost of us, our homeis byfar our mostblepossession. But
everyyear, morehomes in.S. aredamaged byfloods than anyotheral
disaster.
lewho livenear water arenot theonlyonesexperienceflooding.
Floods move, and cand for miles. Theycan havestrongcurrents
that,
fewmoments, can sweep awayeverythingthatalifetimeto accumulate,
leavingathick residueud and debris behind.
ot just high risk areas that areflooded. Betweend 30 percent of
flood insuranceclaims comefromdiumor lowflood-risk areas.
act is, aflood could happen to you.
nately, you can protect yourself and
yourefromthecripplingfinancial losses often
d byfloodingthrough aprogramadministeredbyederal
EmergencyManagement Agency(FEMA).r FEMAs National Flood
InsuranceProgramP), Federallybacked flood insuranceis
availablemmunities that adopt and enforceregulationsduceflood
losses. Flood insuranceprovidesagethat your homeowners
insurancedoesnt ragefor damages caused byfloods.
oodnews is that morethan 18,000 communitieseUnited States and
its territories that arefacedpotential floodingparticipatein
theNFIP, sohances areexcellent that flood insuranceisableto
you.
Flood insuranceis far better protection than dependingonFederal
disaster assistance, which is availableonlyifadisaster
isFederallydeclared.
If you haveaflood insurancepolicy, you can be
reimbursed for all your covered losses, even if adisaster is not
Federallydeclared. In contrast,Federal disaster assistanceis often
aloan repayablein full with interest!
With aflood insurancepolicy, all you haveto payisoneannual
premium. Then, if you suffer losses dueto flooding, you will
bereimbursed for your coveredlosses, and youll never haveto
payanickel back.
Flood insuranceis affordable.
Theaveragefloodinsurancepremiumcosts about $300 ayear for
anaverageof $98,000 of coverage. However, payingback a$50,000
disaster homeloan, for example,will cost an averageof $300 amonth
for an averagerepayment period of 18.5 years!
And of course, if you arenot insured, and aFederaldisaster is
not declared, your homeand belongingsmayberuined with no hopefor
recovery.
Protect yourself, your home, your family, and yourfinancial
future.
Call your insurancecompanyor agent to find out ifyour
communityparticipates intheNFIP. If it does,ask for details about
howto buyfloodinsurance. Do ittoday. Policies go into effect 30
days after apolicyispurchased.Protect your homeand your
familytoday.
For moreinformation about theNFIP and floodinsurance, contact
your insurancecompanyoragent, or call
theNFIPat1-888-CALL-FLOOD,ext. 314.
